Planning your child’s future financially is one of the most important responsibilities of a parent. A savings account is a great way to ensure your child’s future needs are met. IDFC Bank offers an excellent savings account tailored for minors. This blog provides all key details about opening a minor savings account with IDFC Bank, its features and benefits to help you secure your child’s future.
Account IDFC Bank Minors
IDFC Bank offers a savings account tailored for kids – Minor Savings Account. This helps parents secure their child’s future.
- IDFC Bank minor account is a savings account that can be opened for kids aged upto 18 years by their parents/guardians having an account with the bank.
- IDFC Bank Minor Account
- Bank Category Minimum Balance Interest Rate Card Offered
- IDFC Bank Minor Savings None Upto 7% Visa Debit Card
The minor savings account comes with benefits like high interest rate of up to 7%, no minimum balance requirement, free debit card, unlimited free fund transfers and ATM transactions. Parents can choose card variant as per needs and earn rewards on transactions. This account ensures child’s future is financially taken care of.
How to Open IDFC Bank Minor Account Online?
Opening a minor savings account online is very easy with IDFC Bank. The process is completely digital and paperless. Here are the simple steps to open a minor account online:
- Visit the bank website and click on open minor account
- Enter basic details like name, DOB etc of minor and guardian
- Upload KYC documents of minor and guardian
- Choose debit card option and pay initial deposit online
- Set up nomination and savings goal for child
- Verify all details and submit application online
- Account will be opened instantly, login credentials sent via SMS
How to Open IDFC Bank Minor Account Offline?
Opening a minor account offline is easy with a visit to the nearest IDFC Bank branch. Here are simple steps to open offline:
- Visit your closest branch with KYC documents
- Complete application form by filling minor and guardian details
- Submit required documents and initial deposit
- Nomination setup, card selection and account verification
- Receive login details via registered contact details
- All done! Account is ready to use.
Types of IDFC Bank Savings Account
IDFC Bank offers different savings accounts to suit customer needs. Some of the main account types include:
- Minor Savings Account – For children below 18 years with benefits like debit card and high interest rates.
- Regular Savings Account – A basic account for day-to-day transactions and earning interest.
- Salary Account – Dedicated account for salary credits with additional benefits.
- NRI Savings Account – Accounts for Non-Resident Indians with special forex and banking options.
- Senior Citizen Savings Scheme – Higher interest rates for customers aged 60 years and above.
Services With IDFC Bank Savings Account For Minors
An IDFC Bank minor savings account offers different services to help manage finances better. Some key services include:
- Debit Card – Lifetime free VISA debit card for easy transactions.
- Online Banking – Manage account via mobile/internet banking for 24×7 access.
- ATM Withdrawals – Unlimited free withdrawals from IDFC/other bank ATMs in India.
- Chequebook – Free personalised chequebook for convenient payments.
- IMPS/NEFT – Transfer funds between bank accounts quickly through IMPS/NEFT.
- SMS Alerts – Get real-time alerts on transactions for enhanced security.
- Interest Rates – Earn high interest of up to 7% based on account balance.
Fees and Charges
With IDFC Bank minor savings account, there are no hidden fees to worry about. The account offers:
| Services | Fee |
| Balance requirement charge | Nil |
| NEFT, RTGS, IMPS and ATM withdrawals | Nil |
| Features like debit card, cheque book, SMS/email alerts. | Nil |
| services like cash deposits, cash withdrawals, funds transfer through internet or mobile banking. | Nil |
Documents Required
Opening a minor savings account is simple. Only a few crucial papers are needed:
- Your own ID proof – Voter ID, Pan Card or Passport.
- Child’s date of birth proof – Birth certificate or passport.
- Address proof in your name – Voter ID, Aadhar, passport or utility bill.
- One passport size photo of the child.
Transaction limit of IDFC Bank Minor Account
For your child’s safety, IDFC Bank applies daily limits to transactions.
- ATM withdrawal limit is Rs. 10,000 per day.
- Payment limit using debit card is Rs. 10,000 per transaction.
- Fund transfer through netbanking/mobile apps is Rs. 50,000 per day.
IDFC Bank Minor Account Opening Application Form pdf
The application process to open an IDFC Bank Minor Account is simple. You need to fill in an account opening form providing basic details of yourself and your child. This form is available for easy download on the bank’s website. All relevant information such as identification proof and address proof of both the parent/guardian and the minor need to be furnished along with the application form. You can find and download the form at this link:
Make sure to carefully fill in all required details in the form and submit it along with the necessary documents to the nearest IDFC Bank branch. The bank will promptly process the application to open the minor savings account for your child.
Eligibility Criteria for IDFC Bank Minor Account
- Opening a savings account for your child is a great way to start their financial journey. IDFC Bank offers special minor accounts that have benefits and are tailored for younger account holders. Here are the basic criteria to open a minor savings account:
- The child must be less than 18 years of age. This account is meant for saving for a child’s future needs.
- The parent or guardian needs to have an existing savings account with IDFC Bank. This is required so the child’s funds are linked to a parent and managed properly.
- Documents required are a photo of the child, ID proof of the parent like Aadhaar or voter ID and a document showing the child’s date of birth like their birth certificate.
- An initial deposit amount is required which varies based on the debit card option chosen with the account. This ensures the account is active.
- Funds in the account can be used by the parent or guardian until the child turns 18. Saving routinely in this account is a good way to plan for your child’s long term goals.
Final Word
A minor savings account from IDFC Bank provides all the right ingredients for helping a parent financially secure their child’s future – excellent interest rates, zero charges on most transactions, unlimited fund transfers and an assortment of value added benefits. Take some time to understand the account details showcased in this blog. You can then confidently open an account that will help your dreams for your child’s future become a reality.
FAQs
There is no minimum balance requirement for an IDFC Bank minor savings account. The child can save any amount without worrying about penalties for low balances. Regular savings, no matter the amount, help inculcate good financial habits from a young age.
You cannot open an ordinary savings account until you turn 18, but you can open a minor account. In a minor account, you will not get a debit card from the bank. Debit card is needed to use UPI, net banking and mobile banking. So these digital payment options are not available for a minor account.
The full name of the bank is IDFC FIRST Bank Limited. It was formed in 2015 after the merger of IDFC Bank and Capital First.
The Managing Director and CEO of IDFC FIRST Bank is Mr. V. Vaidyanathan. He has been leading the bank since its inception and guides its vision and growth.
IDFC FIRST Bank Limited (‘Bank’) is a universal private sector bank in India’s banking industry. It is not a government or public sector bank but was established as a new generation private sector bank way back in 1997.
Disclaimer
This article is solely for educational purposes. Stable Money doesn't take any responsibility for the information or claims made in the blog.
